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News Release 2008-62 | May 30, 2008

OCC Closes First Integrity Bank, N.A. and Appoints FDIC Receiver

WASHINGTON — First Integrity Bank, N.A., Staples, Minnesota, was closed today by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) was appointed receiver. First Integrity Bank's primary markets were Staples and Motley, Minnesota. The bank, with approximately $53 million in assets, was established in 1919 and was chartered as a national bank in 1998.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank had incurred losses that have depleted all or substantially all of its capital, and there is no reasonable prospect that the bank will become adequately capitalized without Federal assistance. The bank's unsafe and unsound practices also weakened the bank's condition and seriously prejudiced the interests of the bank's depositors and the deposit insurance fund.

The FDIC will release information about the resolution of the bank.

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